220 Main StRavenna, OH 44266

Property Details for 220 Main St

Year built

1900

Lot size

0.11 AC

Property size (Sq ft)

4,836 SF

Property type

Retail properties

Property subtype

Retail space

APN

31-360-03-00-034

APU

313600300034

Description

This exceptional mixed-use property, located at 220 W Main St in Ravenna, Ohio, presents a compelling owner-user opportunity. The building boasts a total of 4,836 square feet, currently 50% occupied. The space includes a 1,700 square foot second-floor retail/office area available for lease. Situated in the heart of downtown Ravenna, this corner building benefits from high visibility and significant foot traffic. The property includes a valuable asset: nine dedicated parking spots, a rare find in a downtown location. Adding to its appeal, this building participates in the Designated Outdoor Refreshment Area (DORA) program, enhancing its attractiveness to businesses and customers. The property enjoys a prime location with convenient access to major roadways, including OH-14 and OH-5, and benefits from high daily traffic volume of 14,598 vehicles on W Main St (OH SR-59). Priced at $284,900, owner financing is available. This is an ideal investment for a business seeking a high-traffic location with ample parking and lease potential. The property's mixed-use zoning allows for a variety of business applications. Don't miss this chance to own a thriving business in a vibrant downtown setting.

• CAP approach

  CAP return

  Valuation

  6%

  $1,351,954

  6.5%

  $1,247,958

  7%

  $1,158,818

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,139,946

  Geo Method

  $1,139,946

• Alternative Use

  Use

  Valuation

  Residential

  $1,052,699

  Hospitality

  $964,266

  Educational

  $802,258

  Medical

  $829,849

  Retail

  $1,247,958

Location Insight

City

Ravenna

County

Portage

State

Ohio

Latitude

41.1581

Longitude

-81.244

CBSA code

10420

CBSA name

AKRON, OH METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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